Mindbody, the $1.9 billion company that books hair and yoga appointments, is going private – Business Insider
A software company that’s likely responsible for all of your yoga and pilates bookings is being acquired for $1.9 billion.
Mindbody, which provides technology for companies in the fitness and wellness industries, announced on Monday that it is going private after three years as a public company. Vista Equity Partners, a private-equity firm that specializes in software and tech companies, is acquiring all of Mindbody’s stock for $1.9 billion.
“MindBody’s purpose is to help people lead healthier, happier lives by connecting the world to fitness, beauty and wellness,” Rick Stollmeyer, cofounder and CEO of the company, said in a press statement on Monday.
He continued: “We are thrilled to provide immediate liquidity to our shareholders at a significant premium to market prices and to leverage Vista’s resources and deep expertise to accelerate our growth while achieving that purpose more effectively than ever before.”
Mindbody shareholders will receive $36.50 in cash per share, which works out as a 68% premium on its closing price recorded on December 21, according to the press release.
Mindbody was launched in 2001 by Stollmeyer and his former high school best friend Blake Beltram. The company was recently valued by the public markets at $1.8 billion.
The deal is expected to close by the end of the first quarter of 2019.